The Wuhan Economic & Technological Development Zone (WEDZ) and Wuhan Customs signed a Memorandum of Understanding on Nov 28 to propel the development of an open economy. Under the MOU, Wuhan Customs will support WEDZ in expanding the export of new energy vehicles and used cars, transforming the zone into a major vehicle export base and a hub for vehicle quality inspection and maintenance services.
Wuhan Customs will facilitate the expansion of the Hannan Port area, creating a pre-positioned logistics hub that links with Ezhou Huahu International Airport and Wuhan Tianhe International Airport, establishing an aerial seaport.
The agreement also includes replicating and promoting pilot reform experiences from free trade zones and special customs supervision areas within the WEDZ, allowing more enterprises to benefit from innovative customs reforms.
Since the approval of the Wuhan Innovation Development Zone within the Hubei Free Trade Zone earlier this year, WEDZ has been developing a new foreign trade model combining cross-border e-commerce and the automotive industry.
Initiatives such as streamlining the initial export tax rebate process, implementing a one-stop service for vehicle export testing and certification, and creating an automotive chain platform have been launched.
These efforts, combined with the advantages of the comprehensive bonded zone and open ports, have significantly boosted the automotive export channel, resulting in rapid growth in foreign trade.
Companies like Voyah and Lotus NYO are accelerating their international expansion, enhancing the global influence of the WEDZ-made automotive brand.
